A client of a financial institution may receive depositable items from customers. The client may be a provider of goods and/or services. The client may receive the depositable items in exchange for providing goods and/or services to customers. Exemplary depositable items may include cash, check and credit card payments. The client may wish to transfer a value of the depositable items to an account held at a financial institution. The client may wish to obtain a credit for a value of the deposit as soon as possible.
To obtain the credit the client may package the depositable items received from its customers. The packaged depositable items may be a deposit. After packaging the deposit, the client may submit a report to the financial institution. The report may include information related to contents of a deposit. The report may include information relating to a method deployed by the client to transport the deposit. The report may include any suitable financial information requested by the financial institution.
The client may prepare the report in a first format. The financial institution may need to convert or otherwise process the client report in the first format. For example, computer systems at the financial institution may store the information included in the client report in a second format. The financial institution may convert the client report from the first format into the second format. Processing reports received in a non-uniform formats may be associated with costs such as computational overhead, informational errors and/or time delay in processing a deposit.
The client may package the deposit and summon an armored courier service to transport the deposit. The client may utilize a plurality of different armored courier services to transport deposits. For example, the client may be a retail merchant that operated a plurality of stores in different geographic regions. Each geographic region may be serviced by a different armored courier service. Even within a single geographic region, the client may utilize a plurality of armored courier services.
An armored courier service may submit a report to the client, financial institution and/or vault. For example, an armored courier may transmit verification to a financial institution that a deposit has been retrieved from a client. An armored courier may update a vault and/or financial institution on a current location of a deposit retrieved from the client. The armored courier may generate its report in a third format. Each armored courier may generate reports in a proprietary format.
The financial institution, client and/or vault may process the report received from an armored courier. For example, computer systems at the vault may operate more efficiently when information is input into the system in a fourth format. The vault may convert reports received from an armored courier from the third format into the second format. Processing reports received in a non-uniform formats may be associated with costs such as computational overhead, informational errors and/or time delay in processing a deposit.
The armored courier may transport the deposit packaged by a client to a vault. The vault may process the deposit on behalf of the client and/or financial institution. The vault may be operated by the financial institution or may be contracted by the financial institution to provide deposit processing services. Deposit processing services may include verifying contents of a deposit packaged by a client. Before crediting the client for a value of the payments, the financial institution may require verification of the depositable items included in a deposit.
Each armored courier, financial institution and/or client may interact with a plurality of vaults. Each entity that interacts with a deposit may generate reports in a proprietary format. For example, computer systems at the client, armored courier and/or financial institution may operate more efficiently when information is input into the system in a proprietary format used by each respective entity. Processing reports received in a non-uniform formats may be associated with costs such as computational overhead, informational errors and/or time delay in processing a deposit.
To process a deposit, a vault may count each depositable item packaged by a client. The vault may examine each depositable item packaged by a client. The vault may perform other suitable processing tasks. The client may package the deposit in a manner that slows the processing performed by the vault. For example, the client may package depositable items using rubber bands and/or paperclips. To process the deposit, the vault may need to remove the rubber bands and/or paperclips. Slow processing of a deposit by the vault may delay a crediting of a value of the deposit to the client.
It would be desirable to reduce delays associated with vault processing of a deposit packaged by a client. It would be desirable reduce delays associated with crediting a value of a deposit to a client. It would be desirable to improve customer compliance with rules for packaging deposits.
It would be desirable to provide a harmonized reporting format that may be utilized by clients, financial institutions, armored couriers and/or vaults. It would be desirable to leverage a uniform reporting format to decrease delay associated with a crediting to a client of a value of a deposit packaged by the client. It would be desirable therefore to provide apparatus and methods for client-side deposit packaging compliance.